Ford’s land development arm announced Friday that it has sold three-quarters of its former Wixom Assembly plant to an industrial site redevelopment group.

The 239-acre deal with Trident Barrow Management, a unit of New York-based Barrow Development, closed on Dec. 21, according to Becky Sanch, a Ford Land spokeswoman. The selling price was not disclosed.

In a statement, the Barrow Management officials said they will develop the site so it is “consistent” with the City of Wixom’s zoning ordinance that would allow a variety of uses, from manufacturing to research to office space or retail. Demolition of the 239 acres of shuttered factory space will begin in late March.

“Our goal is to make this property an asset with long-term value,” Brian Wilson, co-founder of Barrow Development Group, said in a statement. “Although it is too early to determine future plans for the site, we will collaborate with both the city and the community when planning for future development.”

Ford Land is still in talks with home improvement retailer Menards to buy a separate 45-acre section of the factory property nearest to I-96 off Wixom Road. Demolition of that segment began late last year.

The 4.7-million-square-foot production complex last produced Lincoln Town Cars and closed in May 2007. It employed 1,100 at the time, down from its 1970s peak of 5,468 workers.

Ford plans to retain ownership of a separate 32 acre parcel near the back of the property that was a landfill.